Online Fantasy Sports Betting
As with most online betting platforms, DFS and fantasy sports sites allow players to deposit funds into their accounts via a number of options. The easiest and most straightforward options include credit cards and bank transfers, but most sites also are able to accept from PayPal accounts and even cryptocurrencies through sites like BitPay. Fantasy Sports has truly turned into a worldwide phenomenon. Fantasy sports betting comes in different forms and shapes. From betting on fantasy horse races and other such events to daily fantasy sports which are sweeping through the world as a form of skill based sports betting, fantasy sports betting has truly grown during the last couple of years.
Fantasy Sports has truly turned into a worldwide phenomenon. Fantasy sports betting comes in different forms and shapes. From betting on fantasy horse races and other such events to daily fantasy sports which are sweeping through the world as a form of skill based sports betting, fantasy sports betting has truly grown during the last couple of years.
As fantasy sports are gaining in popularity, so too are the prize pools of daily fantasy sports leagues and the numbers of punters participating in betting on fantasy sports. Today, dozens of online platforms accept competitive real money players who wish to compete in fantasy sports betting.
Keep reading for more information and details on the fantasy sports betting activities.
What Are Fantasy Sports?
Fantasy sports are a very interesting concept. Instead of classic betting on sporting events, fantasy sports competitions allow sports fans to compete against each other in their understanding of the sport. This is done by allowing each participant of the competition to select a team of real sports players. Every competition lasts for a certain period and it could be daily, weekly, monthly or seasonal.
Online Fantasy Sports Betting
Each play that a player makes during that period, whether we are talking football, basketball, hockey or any other sport, is recorded and rated. Once the competition has ended, all the points your players have accumulated are summed up and the player with the highest number of points is the winner.
Each fantasy sports competition comes with a buy in and competitions can have as few as two players or an unlimited number of players competing. The overall prize pool of the competition is distributed among a number of top ranking players, depending on the competition format.
It is important to note that the fantasy sports sites make their profit from the entry fee they charge and the rest of the money is distributed based on results. This makes fantasy sports truly a skill based game and many professional poker players have taken up fantasy sports in recent times due to a significant edge they saw in it.
As a skill based game, fantasy sports allow players to use their overall knowledge of the sport and any other means at their disposal to predict how each and every player will perform during a certain period. Even a layman will easily understand how many players will select players based on their preference rather than real statistical data, making fantasy sports a game where you can truly use knowledge to gain a significant edge over the playing field.
Making Money With Fantasy Sports Betting
Fantasy sports are one field where hundreds of players have been making money since the inception of the game. Unlike sports betting where the house will always leave itself an edge which is hard to beat, all you will have to do in fantasy sports is beat a field of oftentimes less than informed players. This makes your job much easier and the probability of walking away with a profit quite nice if you are patient enough to make your picks based on statistical data and actual player performance information.
There are roughly 30.6 million fantasy sports players and 74-percent of them prefer no-cash platforms. Worldwide, football, baseball and U.S. soccer are the most popular fantasy sports.
In 2006 the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed by Congress. While the UIGEA made it illegal for banks and other financial institutions to process transactions related to online gambling and online poker in the United States, it did not make fantasy sports illegal. On the contrary, the UIGEA treats real money fantasy leagues as a game of skill and not luck, and therefore does not constitute illegal gambling.
In order to be deemed a fantasy sport by U.S. law, the activity must be able to meet all three following criteria:
1. The value of all prizes is not determined by the fees paid or the number of participants.
Legal Sports Betting Online
2. The outcome must reflect the relative skill and knowledge of all participants and not chance.
3. The fantasy game result must not be based on the final results of any real-world games.
However, federal law does not always protect fantasy sports players. In all cases where a state law or regulation is more strict, the state law takes precedent. Under current laws in most states, fantasy sports are illegal if they incorporate all three of the following elements:
1. Consideration, such as an entry fee;
2. A reward, such as a prize;
Fantasy Sports Betting
3. An element of chance.
Image Source: espn.com
Based upon each state’s regulations, fantasy sports leagues are either legally allowed with money exchanged or are banned entirely. Some states have banned fantasy sports forums like FanDuel and DraftKings as they see these as online gambling schemes. These websites must include disclosures stating which U.S. states have banned the use of their services, warning residents that their accounts may be restricted to non-cash play only or no access at all.
As of July 2017, about 20 states have pending legislation that would largely permit fantasy sports of the daily variety.
Fantasy Sports and Online Betting in California
Fantasy sports is legal in California, and there are many companies operating legally within the state. Additionally, you can legally bet on horse and greyhound races online through legitimate websites such as XpressBet or Twin Spires. If you want to make money by playing online games, you can also try websites like King.com that permit you to play interactive games with the chance to win real money.
However, betting money or any valuables on the outcome of a real-life sports game is illegal in the state of California. The state does not legalize, authorize, permit, or license any sports betting operations to run their service in the state. Additionally, California does not allow any online sportsbook, or any other online gambling company to operate within the state. Online poker is also illegal in California. As of now, online poker is legal in only three states—Nevada, Delaware, and New Jersey.
Fantasy Football Betting Sites
In sum, the most legal and safest way to gamble on sports within California is to place money into online fantasy sports games or horse/greyhound racing.
What do you think? Should it be legal to gamble on the outcome of real-life sports games?